Private equity and venture capital helping to fill the skills gap

UK businesses backed by private equity and venture capital are tackling the national skills shortage by developing innovative training programmes and investing in apprenticeship schemes.
In the second part of The Investment Agenda – the new BVCA campaign to demonstrate the impact of private equity and venture capital – we look at the role our members are playing in addressing the skills gap in the UK economy.
Companies backed by private equity and venture capital have developed a range of pioneering approaches to training for college leavers, university graduates and adults. As part of The Investment Agenda we have interviewed four businesses – Danwood, Forrest, Skyscanner and Unruly Media – to discover how the funding provided by their backers enables them to place training and development at the core of what they do.
The BVCA has long argued that employers need to have greater financial freedom when designing such schemes to enable the delivery of high-quality programmes and increase the level of vocational education within the labour market.
Tim Hames, Director General of the BVCA, said:
“Business backed by private equity and venture capital houses employ more than 800,000 people across the country in a range of sectors, meaning our members have a substantial interest in the ability of the education and careers system to produce capable and qualified individuals to fill the job vacancies they create.
The BVCA has been heavily engaged in the reform of apprenticeships undertaken by the Coalition Government and stands committed to ensuring that apprenticeships operate in a way that provide our members’ businesses with the employees they need, whilst equipping individuals with the skills that will benefit them throughout their working lives.
We want to see businesses gain greater control of Government funds for training as they are best placed to understand the skills they require.”
Notes to editor
- The Investment Agenda is the BVCA’s new campaign designed to explain why private equity and venture capital matters: why it matters to business, why it matters to the economy and why it matters to the UK. Launched on 23 February it is addressing five key issues: national impact, skills & apprenticeships, social investment, exports and growth companies. The launch press release can be found here.
- The British Private Equity & Venture Capital Association (BVCA) is the industry body for the UK private equity and venture capital industry. The BVCA has over 500 member firms, representing the vast majority of UK-based private equity and venture capital firms and advisers.